Truist Financial Cuts U.S. Bancorp (NYSE:USB) Price Target to $67.00

U.S. Bancorp (NYSE:USB) had its target price trimmed by Truist Financial from $69.00 to $67.00 in a research note published on Thursday, Marketbeat.com reports. The brokerage currently has a buy rating on the financial services provider’s stock.

Several other brokerages have also weighed in on USB. Barclays increased their price objective on U.S. Bancorp from $67.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. HSBC lifted their target price on U.S. Bancorp from $74.00 to $76.00 and gave the company a “buy” rating in a research report on Monday, September 28th. Wall Street Zen raised U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, July 6th. Raymond James Financial assumed coverage on U.S. Bancorp in a report on Wednesday, July 8th. They set a “strong-buy” rating and a $72.00 price target for the company. Finally, Jefferies Financial Group raised U.S. Bancorp from a “hold” rating to a “buy” rating and raised their price objective for the stock from $60.00 to $75.00 in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.40.

U.S. Bancorp Price Performance

Shares of USB stock opened at $57.51 on Thursday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market capitalization of $89.60 billion, a PE ratio of 11.48, a price-to-earnings-growth ratio of 1.05 and a beta of 1.00. The firm’s 50-day moving average is $62.13 and its two-hundred day moving average is $58.61. U.S. Bancorp has a 12 month low of $45.02 and a 12 month high of $66.07.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.07. The business had revenue of $7.69 billion during the quarter, compared to analysts’ expectations of $7.58 billion. U.S. Bancorp had a net margin of 18.49% and a return on equity of 13.69%. During the same quarter in the prior year, the company posted $1.11 EPS. Analysts predict that U.S. Bancorp will post 5.25 earnings per share for the current year.

U.S. Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a $0.54 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.52. This represents a $2.16 dividend on an annualized basis and a yield of 3.8%. U.S. Bancorp’s dividend payout ratio is presently 43.11%.

Insiders Place Their Bets

In related news, insider Stephen L. Philipson sold 36,906 shares of the firm’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $63.08, for a total transaction of $2,328,030.48. Following the completion of the transaction, the insider directly owned 74,969 shares in the company, valued at $4,729,044.52. This trade represents a 32.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gunjan Kedia sold 27,267 shares of U.S. Bancorp stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $62.37, for a total value of $1,700,642.79. Following the completion of the transaction, the chief executive officer directly owned 426,262 shares of the company’s stock, valued at approximately $26,585,960.94. This represents a 6.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in USB. State Street Corp lifted its holdings in U.S. Bancorp by 0.8% during the 4th quarter. State Street Corp now owns 69,701,898 shares of the financial services provider’s stock worth $3,755,083,000 after buying an additional 522,368 shares in the last quarter. Mufg Bank LTD. acquired a new position in shares of U.S. Bancorp in the second quarter worth $2,680,199,000. Auto Owners Insurance Co increased its position in shares of U.S. Bancorp by 5,236.0% during the fourth quarter. Auto Owners Insurance Co now owns 33,350,000 shares of the financial services provider’s stock worth $1,779,556,000 after acquiring an additional 32,725,000 shares during the period. Bank of America Corp DE increased its position in shares of U.S. Bancorp by 6.9% during the first quarter. Bank of America Corp DE now owns 15,820,033 shares of the financial services provider’s stock worth $822,800,000 after acquiring an additional 1,022,898 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of U.S. Bancorp by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 10,369,212 shares of the financial services provider’s stock valued at $539,232,000 after acquiring an additional 93,025 shares in the last quarter. Institutional investors and hedge funds own 77.60% of the company’s stock.

About U.S. Bancorp

U.S. Bancorp is a financial services holding company headquartered in Minneapolis, Minnesota, and the parent company of U.S. Bank National Association. The company provides banking, lending, payment, investment, and wealth management services to individuals, businesses, government entities, and institutional clients.

Through U.S. Bank, its principal subsidiary, U.S. Bancorp offers checking and savings accounts, credit cards, mortgages, consumer and business loans, commercial banking, treasury management, investment services, and financial planning.